The Turkey international left the Gunners in 2012 and has established himself as one of his country's leading players at Besiktas.
Wenger has kept tabs on his progress and is now ready to make a move.
Fotomac says he is willing to splash out up to £10m to sign Ozyakup, who was sold to Besiktas for a knockdown £400,000.
Ozyakup is viewed as the ideal man to fill the potential void left by Mesut Ozil, 29.
He plays in the same position and can be used by Wenger in either an attacking midfield role or as a deeper playmaker.